Enplan has added Nottingham Building Society (NBS) to its fast-growing defined benefit (DB) consolidation platform operated by Entrust and Isio.

NBS is the fifth building society to join Enplan, the one-stop-shop governance and operational solution for DB schemes, with governance and secretarial support.

Following a comprehensive review of its DB scheme operation in 2023, NBS initiated a competitive selection process, to modernise and future-proof the scheme’s pension management for the benefit of members.

Key considerations included trustee succession, support for scheme members and time management efficiency, whilst keeping in view the potential of a streamlined path towards the scheme’s buyout.

It said that after a lengthy evaluation process, it selected Enplan due to the platform’s fully bundled solution, industry-leading offering, member support, competitive pricing, efficient access to investment markets and its demonstrated success in facilitating buyout transitions for smaller schemes.

NBS will benefit from Enplan’s new investment platform, developed in collaboration with Schroders, to boost investment, monitoring and digital reporting capabilities.

This is anticipated to generate significant savings on a yearly basis for the scheme. It benefits from Schroders’ advanced liability-driven investing (LDI) and cashflow-driven investing capabilities, and its open architecture approach to constructing growth portfolios.

Anthony Murphy, chief financial officer at Nottingham Building Society, said: “I’m pleased with how seamless the transition has been, thanks to the efforts of the Enplan team.

“Their commitment to efficiency is evident in how quickly they delivered our first valuation after taking on the scheme, whilst crucially allowing us to continue to improve our offering for scheme members.”

Jessica Pigg, trustee associate at Entrust Pension Limited, added that Enplan is increasingly being recognised across the building society sector as an “offering which understands the challenges of the industry in a pensions context and one which can manage those challenges, and the associated risks, effectively”.

Richard Hassan, partner and scheme actuary at Isio, said that Isio is committed to modernising the DB pension scheme.

He said: “We understand the importance of efficient and effective pension solutions for legacy schemes,” adding: “By leveraging our innovative pensions management approach, we can continue to provide better outcomes for our clients and their members so all schemes can benefit from a better service, regardless of their size.”

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